학회소식
[2017년 제 1차] Investigations on the Existence of Optimal Capital
작성자 : 관리자
조회수 : 898
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2017-03-02
Primary theme of the study focuses on investigating existence of optimal capital structure for firms listed in KOSPI stock market. To date, very little attention seems to be paid to the subject in modern finance and a firm's value is expected to increases as it approaches to its optimal level of financial leverage. Moreover, it attempts to identify the most relevant theory which significantly accounts for the existence of a firm's optimal capital structure, if any. Three relevant theories were contemplated to postulate each relevant hypothesis such as Myers' pecking order, trade-off and agency cost theory. Concerning the empirical methodologies to test for a hypothesized existence of an optimal structure, analysis of variance and analysis of covariance models were separately utilized in the context of parametric and nonparametric statistical context. As an a posteriori test, the Scheffe estimation method was employed for a pairwise multiple comparison among treatments. Results may imply that there does not exist any optimal level of capital structure shared by KOSPI-listed firms in the domestic capital markets in terms of intra-industry analysis. However, it was demonstrated that differences in leverage were significantly pronounced among 24 sample industries, which may suggest that optimal levels of capital structure maintained by KOSPI-listed firms, exist at the inter-industry level.
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